Property prices in Miami have risen for the fifth consecutive month, mainly fuelled by the influx of foreign buyers flocking to the city.
International buyers, who pay predominantly in cash, pushed the average price of a condo in the city to $150,000, 30% up year-on-year. Single family homes rose by 8.2% year on year and now average around $183,000.
“Miami is unique in many ways, including being the top market in nation for foreign buyers and investors,” commented Miami Association of Realtors residential president Patricia Delinois. “There are many benefits to living and working in Miami, which is why migrating US residents and retiring baby boomers as well as vacation and second home buyers, and global business headquarters are increasingly attracted to our amazing city."
And property experts in the city believe that the price gains show no signs of slowing as Miami and Florida more generally proves to be such a key destination for buyers “"Price appreciation should continue due to limited supply and strong demand from both US and international buyers and investors," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors.
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